Baltic index posts weekly loss as capesize rates fall

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, posted a weekly decline on Friday as rates for the capesize segment fell for the week.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 10 points, or 0.5%, to 1,902. The index dropped 4.3% for the week.

The capesize index fell 34 points, or 1.1%, to 2,973, posting its biggest weekly decline since May 17.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $289 at $24,652.

Iron ore futures prices fell on Friday, posting a weekly loss, as lack of concrete stimulus from China and weak seasonal demand for steel weighed on the market.

The panamax index was unchanged at 1,714.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, rose $4 to $15,427.

Among smaller vessels, the supramax index climbed 4 points, or 0.3%, to 1,374.

The Baltic Hub container terminal in the Polish city of Gdansk said it was hit by a global outage in Microsoft systems and is working to solve the issue.
Source: Reuters (Reporting by Anushree Mukherjee in Bengaluru; Editing by Shreya Biswas)